Resolution - #89-11-321 - 11/28/1989

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[Reverse of the Bond] This Bond i.s (mc of an issue in the aggregate principal amount of $235,000 all of like original issue date antt muter, except as to number, maturity date, redemption privilege, and interest rate, all issued pt,r~;uam to a resolution adopted by the City Council on November 28, 1989 (the Resolution), for the purPose of providing money to aid in financing public development costs in a Development District (District) in the City, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.174 through 469.179, ~:he Mim~esota Tax Increment Financing Act, and Minnesota Statutes, Sections 469.124 through 469.134 ~)nd the City's home rule charter, and the principal hereof and interest hereon are payable p~4marily ~'rmn tax increments resulting from increases in taxable valuation of real property in the Tax ,~ncrcn~_ent Financing Districts (TIF Districts) within the District as set forth in the Resolution to whi,.:h reference is made for a full statement of rights and powers thereby conferred. The full fifith and r:redit of the City are irrevocably pledged for payment of this Bond and the City CounciI has obligated itself to levy ad valorem taxes on all taxable property in the City in the event of any deficiency {~f tax increments pledged, which taxes may be levied without limitation as to rate or amount. Th~: Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or m~y inmgral multiple thereof of single maturities. As provided i~'~ th~: Resolution and subject to certain limitations set forth therein, this Bond is transferable ~pon the books of the City at the principal office of the Bond Registrar, by the registered owner imreof in person or by the owner's attorney duly authorized in writing upon surrender hereof t,_~gether with a written instrument of transfer satisfactory to the Bond Registrar, duly exec~.~tc.d by the registered owner or the owner's attorney; and may also be surrendered in exchange f~or Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a ~¢w Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregam principal amount, bearing interest at the same rate and maturing on the same date, subject to rcm~bursement for any tax, fee or governmental charge required to be paid with respect to stroh ~ra~sfer or exchange. The City m~d thc Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving paymcm and for all other purposes, and neither the City nor the Bond Registrar will be affected by a~y no~ [ce to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota and the City's home role charter to be done, to exist, to happen and to be performed preliminary to and in the issuance of thi:; Bond in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened and have been performed as so required, and th. at the issuance of this Bond does not cause the indebtedness of the City to exceed any cor~stimtional, statutory or charter limitation of indebtedness. (Form o'f ~:cr~ificate to be printed on the reverse side of each Bond, following a full copy of the legal Olfit~,i..-.'~t~.)